All Forum Posts by: Benjamin Aaker

Sometimes the seller is reluctant to give out those numbers to anybody on first blush. It might not mean they are hiding anything. Put in an offer contingent on reviewing those financials. You could even have the offer state you will review financials before depositing earnest money. That way you can exit the deal if they numbers don't work.

@Tim Kaminski, I definitely agree that there are other ways to make money. They all have their risks and benefits. Timing is certainly important, but knowing the right time is more so. I'm buying right now, but the deal has to be good, which means I'm buying less right now. 

You can also use an attorney, for a fee.

Agreed @Karl McGarvey. You don't need to consider 1031 as long as you have had your primary residence as the subject property for 2 of the last 5 years. The Colorado property sounds like a nice bit of income. I recommend finding a line of credit on it to help purchase your new property. You then get to keep both. 

I agree with @Theresa Harris: Your dollar will buy less in this hot market.

I recommend you look into a line of credit (HELOC is one type) on your current property. That way you can take out up to a certain amount when you are ready, you keep the current rental, and can invest in new properties.

Hi Ramon, welcome to BP. We are always happy to see new investors. Good luck with the house rental!

I used TimeEtc in the past for a virtual assistant. It didn't work out. I didn't feel like I was getting the value for the price. It was mainly my fault: I had a difficult time coming up with tasks for the VA and ended up letting paid hours expire. I recommend taking time to decide exactly what you want your VA to do and to try to calculate how many hours/week it will take prior to signing with one.

Here's a variation on a saying I like: When is the best time to start developing a Real Estate portfolio and plant a tree? 30 years ago. When is the second best time? Right now.
Real estate has ups and downs but generally goes up. More specifically, you need to decide what type of property you want to find, the typical price, and start putting away money for a down payment. Once you have that, buy your first property. Good luck!

The best bang for your buck is to inspect all the toilets for bad flapper valves. These will leak and leak and the tenants rarely tell you.

ESA are not pets. The pet addendum doesn't apply and you can't charge extra rent or deposit. Make sure you read the rules in your state around this. The tenant is the only one who can be given the designation of requiring an animal but there isn't to my knowledge a designation that is recognized for a licensed emotional support pet. This isn't a thing, but there are many shysters out there who will set up a website, charge $40 and give a bogus certificate. If in doubt, ask an attorney.